Ministry Of Industry And Commerce: Textile Industry And Other Industries Will Be Greatly Affected By The Epidemic In The Short Term.

In March 6th, the State Council held a news conference in Wuhan, Hubei, to introduce the progress of prevention and control of new crown pneumonia. Wang Jiangping, deputy director of the central steering group and Ministry of industry and information technology, said that the epidemic will have a certain impact on China's economic operation in the short term.

Wang Jiangping said that the CPC Central Committee and State Council attached great importance to the impact of the epidemic and called for coordinated efforts to promote epidemic prevention and control and economic and social development. The central government has promulgated a series of policy initiatives to promote enterprises to resume work and replant, reduce the burden of corporate financing, social security, taxes and other expenses. It proposes to streamline the examination and approval, optimize services, and promote the resumption of work and production accurately and steadily. It also requires priority to ensure that industries or key links that have important influence in the global supply chain, so as to restore production and supply as soon as possible and maintain the stability of the supply chain.

From the perspective of industry analysis, the textile and other labor-intensive industries, such as electronics, automobiles and other industries which rely more on the supply chain, have a relatively large impact in the short term. Judging from the impact on the region, Hubei and other severe epidemic areas have a direct impact. The epidemic will not only directly impact the economic activities of Hubei Province, but also magnify the impact on other provinces and even the whole country, and will also affect the supply chain of some multinational enterprises.